Image source: onbile.com
If I were to invent a mobile app that processes transactions, I would name it “Dana Ray Reynolds.” I want to be immortalized in a way that will keep my name a relevant code in every business sphere. But for now, I will let the likes of eBay and Groupon dominate the commerce of mobile payment.
True, mobile payment is one of the most convenient ways to process business transactions. I myself appreciate how such a seemingly simple technology can readily process an array of marketing equations in just a few seconds. However, not every mobile software service may be suitable to all business transactions. A study by NerdWallet suggests that every single payment processor has features that work best on a specific function, such as the type and amount of transaction, total sales volume, and type of card used by customers.
Image source: ientry.com
As per the study’s findings, Breadcrumb by Groupon best works for:
• A large volume of transactions;
• Transactions that amount to more than $400 per item or more than six figures in monthly sales volume;
• Transactions that are valued between $17 and $26, but do not take American Express AXP.
PayPal Here, meanwhile, is most efficient for establishments that:
• Generate less than five figures in sales a month;
• Have a mean transaction value of $17 or less;
• Have an average transaction under $26 and take American Express cards.
Monthly subscription to Square’s plan produces the best results for businesses that:
• Make five to six digits in sales every month;
• Have very few transactions over $400;
• Process very few transactions in general.
Image source: wsj.net
Merchants and customers alike have gained so much from mobile payment services; thanks to their practical and easy application. To know more about other trends in the finance sector, read articles on my blog.
